The $654-million acquisition makes New Plan the second largest owner of neighborhood and community shopping centers in the US. The 92 properties total 10.4 million sf of leaseable space, 71% of which is grocery-anchored and 90% of which was leased as of Sept. 30, 2001. Concurrent with closing the deal, the REIT entered into a new $125 million senior unsecured term loan facility with Fleet National Bank.
As expected, New Plan also made official the appointment of Scott MacDonald as chief operating officer and president of the company. MacDonald was previously the chief executive officer and president of CenterAmerica Property Trust LP.
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